The general cash market account rate is 5. 48% APY from the First Internet Bank of Indiana cash market account for account balances over $1 million.
Meanwhile, the maximum competitive account rate in the cash market, regardless of your account balance, is 5. 35% APY from Brilliant Bank. However, the account on the Brilliant Bank cash market is not available to citizens of Kansas, Missouri, Oklahoma, and Arkansas.
The most productive cash market accounts have manageable fees and standout features, such as ATMs or the ability to write checks. These accounts also take advantage of the nation’s most competitive cash market account rates. You can read more about our more sensible options below. .
Indiana’s First Bank Cash Market Account has a tiered interest rate formula with competitive APYs. The cash market account will pay a 3. 77% APY on account balances of $1 million or less and a 5. 48% APY on account balances over $1 million. You can also apply for an ATM card to make ATM withdrawals.
First Internet Bank of Indiana is also a component of the IntraFi network, a program that provides additional FDIC insurance coverage for balances over the $250,000 limit. The way it works is that your cash is distributed among other FDIC-insured monetary institutions in the network (there are about 3,000 banks). The FDIC can insure up to $150 million through deposits from the IntraFi network.
This cash market account has a service fee of $5 per month. To waive the fee, you must keep at least $4,000 in your account. This cash market account also does not have check-writing privileges.
Rate: 3. 77% APY on account balances of $1 million or 5. 48% APY on account balances of more than $1 million
Minimum opening deposit: $100
Indiana’s First Internet Banking Review
Brilliant Bank’s Surge Money Market account offers a competitive interest rate and can be a smart choice if you can keep at least $2,000 in your account so you can waive the $10 per month service fee.
The existing APY is only available to new applicants. If you live in Kansas, Missouri, Oklahoma, or Arkansas, you may not be able to open this account.
Rate: 5. 35% APY
Minimum opening deposit: $1,000
Vio Bank’s Cornerstone Money Market Savings Account has a low minimum initial deposit and no monthly service fees if you sign up for online bank statements.
If you obtain paper statements, you will be charged a service fee of $5 per month. Vio Bank’s Cornerstone Money Market Savings Account also doesn’t come with paper checks or a debit card.
Rate: 5. 30% APY
Minimum opening deposit: $100
Vio Bank Review
Harborstone Credit Union’s Money Market Deposit Account offers the highest cash market account interest rate on Raisin. That said, there are also other cash market accounts available at Raisin that pay 5. 00% APY or more.
You may be interested in Harborstone Credit Union’s marketplace cash deposit account if you’re looking for an option with a maximum interest rate and a low minimum initial deposit. You’ll only need $1 to get started.
With Raisin, you can use a single platform to find, fund, and manage high-yield savings accounts, cash market accounts, and CDs from over 20 banks and credit unions.
You may prefer one of our other, more sensible options if you prefer to open a cash market account directly with a bank or if you want to do all your banking with a single financial institution. Raisin does not offer checking accounts.
Rate: 5. 25% APY
Minimum opening deposit: $1
Raisin Review
UFB Secure Money Market offers a competitive interest rate regardless of your balance and factor checks.
This account has a service fee of $10 per month. To waive fees, you must maintain a minimum balance of $5,000.
Rate: 5. 25% (as of 11/16/2023) APY
Minimum opening deposit: $0
UFB Direct Review
CFG Bank’s high-yield money market account offers one of the most competitive maximum interest rates on your market account.
You will need $1,000 to open and a cash market account with CFG. Otherwise, you may not get competitive interest rates and will have to pay a service fee of $10 per month. This cash market account also does not offer check writing or debit card privileges.
Rate: 5. 25% APY
Minimum opening deposit: $1,000
CFG Bank Review
Republic Bank of Chicago’s Digital Money Market account has one of the highest interest rates on our list. This account may appeal to you if you’re looking for an account on the online cash marketplace that provides paper checks. This account can also be interesting if you can get a minimum of $2,500, allowing you to waive the $25 per month service fee.
This account is not available in Illinois, Indiana, Wisconsin, and Michigan. There is a service fee of $25 per month. It also doesn’t offer an ATM card or debit card, only paper checks.
Rate: 5. 21% APY
Minimum opening deposit: $2,500
Quontic Bank’s cash market account is a smart choice if you need to open a cash market account with no monthly service fee. This cash market account will also pay the same interest rate regardless of your account balance.
Depending on your account balance, you may be able to find other monetary establishments that offer more competitive interest rates.
Rate: 5. 00% APY
Minimum opening deposit: $100
Quontic Bench Review
Premier Members Credit Union’s cash market account stands out because it requires an initial deposit of $5. The account will also pay a maximum interest rate on low balances. You can earn 5. 00% APY on balances up to $2000.
If you plan to deposit more than $2,000 into your account, the rate will vary depending on your account balance. Generally, higher account balances offer lower interest rates.
To open a bank account with Premier Members Credit Union, you will need to be a member. The easiest way to become a member is to sign up for Impact on Education, a Boulder Valley School District charity.
You can also become a member if you or a member of your household circle lives or works in an eligible Colorado county (Adams, Arapahoe, Broomfield, Boulder, Delta, Denver, Douglas, Elbert, El Paso, Garfield, Jefferson, Larimer, Mesa, Montrose). , Pueblo or Weld are all eligible); you are a student, college member, or staff member of the Boulder Valley School District or Westminster Public Schools; you are an employee or family member of an employee of Ball Corporation, Boulder Community Health, IBM, Lexmark, or Medtronic; or you are a worker or member of one of the 750 organizations served through the credit union.
Rate: 0. 50% to 5. 00% APY
Minimum opening deposit: $5
Premier Member Credit Union Review
Northern Bank’s Direct Money Market account offers a 4. 95% APY on balances up to $250,000, as long as you keep at least $500 in your account. You may also like this option if you need a cash market account with no monthly service fees.
You will need a minimum of $5,000 to open this account. You may prefer one of our more productive features if you’re looking for more lenient opening requirements.
Note that APY drops to 0. 25% APY on balances over $250,000.
Rate: 0. 25% to 4. 95% (depending on balance) APY
Minimum opening deposit: $5,000
Northern Direct Bank Review
The Better Business Bureau measures businesses through responses to visitor complaints, honesty of advertising, and transparency of business practices.
Vio Bank is a department of MidFirst Bank, so we’ve included MidFirst Bank’s BBB score. Since Harborstone Credit Union’s marketplace cash deposit account can be obtained through Raisin, we have included Raisin’s BBB score.
Here are the BBB scores of the establishments on our list:
Brilliant Bank is an online-only department of Equity Bank. Brilliant Bank has yet received the BBB rating, but Equity Bank earned a B- score from BBB because it has responded to some visitor complaints.
Raisin has a B score and has won several court cases on the BBB site.
Lately, CFG Bank has no score as its profile is being updated on the BBB website.
However, a strong BBB rating does not guarantee that you will have a good relationship with a company. You may still need to ask your friends and family about their reports to see if a bank is right for you.
To learn more about what constitutes a smart account in the cash market and how to choose the right one for you, 4 experts weighed in:
We concentrate on what will make a cash market account more useful, adding APYs, access to your cash, and much more. Here’s what they had to say about cash market accounts. (Some texts may be edited for clarity. )
What Makes a Bad Cash Market Account?
Sophia Acevedo, Banking Industry Editor, Business Insider:
“A smart account in the cash market offers multiple tactics to access your cash, such as a debit card, ATM card, or paper checks. “
Roger Ma, lifelaidout® and Work Your Money, Not Your Life Certified Financial Planner:
“I’m not proposing cash market accounts to park your cash. I don’t know if their rates are competitive compared to high-yield savings accounts. For most people, I think what makes sense is a high-yield savings account. Consider your emergency fund and short-term goals.
How can you decide whether to deposit your cash in a cash market account or some other interest-bearing account?
Tania Brown, Certified Financial Planner and Vice President of Coaching Strategy at OfColor:
“So I guess we’re going to start with the amount of cash you need to invest and the point of the trades you need to make. If you need to transact, this eliminates the CDs. Then you’re caught between the highlights: the profitable savings and the cash market account. “
Mykail James, MBA, Certified Financial Education Trainer, BoujieBudgets. com:
“How soon do you want cash? What kind of access do you want? And if you want your cash to grow and you want to be tempted, then I would put it on a CD. “
Sofía Acevedo, Business Insider:
“I would create a list of what I prioritize at most in a bank account. For example, some banks have accounts that charge a monthly service fee. I would take a look at what the requirements are for waiving the monthly service payment and if I think I could. “
Methodology: How We Choose the Best Money Market Accounts
There are many accounts in the cash market. Through our research, we found that cash market accounts are filed through banks with a strong online presence and cellular access.
We tested cash market accounts (our method of cash market accounts) at approximately two dozen locations to identify the most powerful options.
While interest rates are a vital facet of any cash market account, we’ve also factored in minimum deposits and balance requirements, overdraft and overtransaction fees, the ability to deposit funds, and any other notable features.
At Business Insider, our goal is to help others make the most productive decisions with their money. We understand that “most productive” is subjective. That’s why, in addition to pointing out the apparent benefits of a product or monetary account (a higher APY, for example), we also describe its limitations. We’ve spent hours comparing and contrasting the features and fine print of various products so you don’t have to.
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